Capitalization and Investment
In November 2005, Metro Networks, which is a subsidiary of Westwood One, extended a $2-million dollar loan to Global Traffic Network in order to help capitalize the company, according to financial records filed by Global Traffic Network with the U.S. Securities and Exchange Commission (SEC.
Global Traffic Network then began the process of an Initial Public Offering, and in March 2006 the company went public on the NASDAQ Exchange under the stock symbol GNET. Only three months later, Westwood One bought 1,540,000 shares of GNET on behalf of Metro Networks, essentially giving the companies a 10 percent ownership stake in Global Traffic Network.
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